The value of the US Dollar witnessed a decline in the interbank market in Karachi, dropping by 15 paisas to reach Rs278.15. This shift marks a significant change in currency dynamics, indicating potential stability in the forex market.
In the foreign exchange market on Thursday, the American currency continued to witness a depreciating trend against the rupee. According to currency dealers, the Dollar depreciated by another six paisas during interbank business on Thursday, after which it was traded at Rs 278.25.
Meanwhile, the Pakistan Stock Exchange (PSX) witnessed a remarkable upturn after a series of declines over the past three days. The PSX soared to impressive heights, breaching the 71,000-point mark, with the benchmark KSE-100 index surging by 550 points to trade at 71,200 points.
Also Read: Inflation sees downward trend on monthly basis
A day earlier, a bearish trend was seen in the PSX. At the beginning of the fourth day of the business week, Pakistan could not maintain the limit of 71,000 points in the stock market, where the KSE-100 index fell by 250 points to 70,850 points.
On Thursday, it was reported that the rate of inflation had started to dwindle in the country, with a slight decrease reported on a month-on-month basis.
According to the Pakistan Bureau of Statistics (PBS), the inflation rate in April was recorded at 17.3%, with a decrease of 0.4%. The inflation rate in March was 20.7%, while in April 2023 it was at a peak of 36.4%.
The average inflation rate from July to April of this financial year was 25.97%. Inflation in urban areas has decreased by 0.1% to 19.4% and in rural areas by 0.9% to 14.5%.
